Having the reserves to pay for those issues will make your life much less stressful.My market is Royal Oak, Ferndale, Hazel Park and Brighton, and my market rents are $800-$1,200/mo.

I live in royal oak and am looking to get started in real estate investing.

We stayed across the street from there at the Kamaole Beach Royal last time we were there, and we loved how centrally located it was.

I was first advised by an investor friend to seek a cash out refi and pay it off when we sell, then another investor I met here on BP said no, do a HELOC because the fees would be so much less and we can pay it off too when we sell.So now, Royal United Mortgage has quoted me a new mortgage amount of $977/month and taking $15K cash out for a term of 25 years, or $1215/month taking out $30K for a loan term of 15 years.

Unless you live there , it will turn into a royal pain . 5 people from 5 different backgrounds doing their own thing .

I am a new investor in the Royal Oak area. 

Very simple math.. you can't get 10% C on C on the coasts.. so they go looking other places.. because appreciation is gambling and cash flow is everything.. then sine they don't want to be left out of the game and they can get started with 20 to 30k in cash they go for the next best thing a mid west rental.. that's why this whole phenom works.I agree 100%, and beyond this, I've seen many long-distance, and even local buyers who shop only by "statistics", get royally screwed by believing the numbers they were given and ignoring the subjective data of their individual market to justify what they want when they can't find it elsewhere.

May look at other areas ( Ferndale, Royal oak ect ) These are more convenient for me and my property manager.

Royal Winchester if you are willing to share the trailing 12 P&L and rent rolls I can give you my opinion of the deal.

Royal Oak is a great "happening" area, best of luck with the sale and thanks for sharing!